Circle’s Poloniex Exchange Offers Fiat-to-Crypto Trading
In a bid to remain competitive in the United States cryptospace, Poloniex cryptocurrency exchange is now supporting fiat-to-crypto trading, as well as credit and debit card purchases of digital assets on its platform, according to reports on July 9, 2019.
Poloniex Aiming for the Top
Per sources close to the matter, leading U.S.-based bitcoin trading venue, Poloniex,h has announced the launch of its fiat-to-crypto trading service and the exchange now also supports credit and debit card purchases of cryptocurrency.
With the new features, Poloniex users can now link their bank accounts with their trading accounts and carry out frictionless fiat-to-crypto transactions and vice versa. Users will also be able to buy bitcoin (BTC), ether (ETH) and other supported altcoins on the platform with their debit or credit cards. Additionally, crypto traders on the platform can now deposit a maximum of $50,000 every week, while withdrawals are capped at $25,000.
For debit and credit card transactions, Poloniex has reportedly joined forces with Simplex, a crypto payments processing startup that claims to provide exchanges as well as brokers and wallet apps with a highly secure fraud-free system.
According to the report, crypto purchases via debit or credit cards sit attract a 3.5 percent fee, or $10, depending on which is greater.
Weathering the Storm
Since acquiring Poloniex for a reported $400 million in February 2018, when the exchange was on the verge of a total collapse, Circle has been doing its possible best to keep the Poloniex ship afloat, against all odds.
As part of its strategy to streamline its operations and remain on the same page with the United States Securities and Exchange Commission (SEC) and other relevant financial watchdogs in the state, the Poloniex team delisted nine altcoins, including Decred (DCR), GameCredits, Gas, Augur and Omni in May 2018.
Fast forward to September 2018 and the exchange further ended support for another eight digital assets which it claimed had become redundant on its platform.
As reported by BTCManager earlier in May 2019, Circle has successfully solved most of the issues plaguing Poloniex since it took over the mantle of leadership.
The team claims it has drastically improved the exchange’s customer care service, reducing the number of open complaint tickets from 142,000 in April 2018 to just 200 in May 2019 and the team also reintroduced the Trollbox feature on June 18, 2019.
With the launch of its new fiat-to-crypto onramp as well as the credit and debit card payment options, Poloniex hopes to attract more users in the U.S. and increase its market share.